Monday, June 12, 2017

The Great Fire Sale Continues

First it was Detroit, and now it's Houston, TX:

The city of Houston held a yard sale of sorts last week, dusting off some possessions it doesn't use anymore and offering them for sale or swap to its neighbors.

In this case, City Council approved selling or swapping almost $2 million worth of city streets and utility easements. That won't correct the more than $100 million budget deficits city officials project for the next five years, but it's not peanuts.

The first example came in Manchester, where council abandoned and sold several streets and easements to the adjacent Valero refinery for $1.4 million.

The oil giant already owns the blocks immediately surrounding its facility, and the move will let the company assume the intersecting streets onto its land as part of a plan to build an office building, warehouse, security building and to add parking farther away from the central plant.

You can read the rest @

The state of Illinois and many US cities also are broke. We can expect them to cut pensions and sell assets in an attempt to stay afloat.

We're headed in the same direction as was the former USSR. Only in our case there will be no Putin to come to our rescue after the fall.

Are you happy now?

1 comment:

  1. For another perspective on what is happening, go here: